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No. Polaris is a multiple star system. In the late 18th century it was resolved into two components, Polaris A and Polaris B. Later, Polaris A was resolved further into Polaris Aa and Polaris Ab. Neither Polaris Aa nor Polaris Ab are red giants. Aa is a supergiant and Ab is a dwarf; both of them are spectral class F ("yellow-white").
Yes, he carried a rudimentary compass and a type of sextant called a quadrant, so that the direction of sailing could be determined at all times. Columbus, because of the distance he traveled, was able to chart the location of the north star, Polaris, indicating that it moved like all other stars. (see related link to build a similar compass)
Polaris (or the North Star) is almost directly above the North pole. This means that when you stand on the north pole and look directly up, you will see Polaris. This also means that when you stand at the equator and look directly north, you will see Polaris on the horizon. You can not see Polaris from the Southern Hemisphere. The angle Polaris is above the horizon is equal to the degree latitude that you…